Carl Icahn,the legendary investor, has told employees that he is moving his company fromNew Yorkto Miami and a report said his decision to move is based on the Big Apple’s higher taxes.

Icahn, 83, whose net worth is about $20.4 billion, is set to move his home and business from the city due to the taxes, sources toldBloomberg. The report said that it is not uncommon for billionaires to settle in the state which is one of seven without a personal income tax. The report pointed to New York’s 8.82 percent rate.

President Trump’s 2017 Tax Cuts and Jobs Acts put a limit on federal deduction for state and local taxes, the report said.

The New York Post, which first reported on the upcoming move, reported that Icahn invited staffers to join him in Miami and offered a $50,000 “relocation benefit.” The paper reported that employees who want to stay in New York will be let go without severance. He has about 50 employees. Half reportedly took the offer.

“After spending my entire career in New York, while I certainly do not wish to retire, I’ve decided that at this point in my life I’d like to enjoy a warmer climate and a more casual pace year-round,” he wrote to employees, according to the Post.